Unity Bancorp in Clinton, N.J., raised $6.3 million from a rights offering.
The $932 million-asset company said it sold nearly 761,000 common shares in its 10-for-1 rights offering at a price of $8.30 a share. Unity said it actually collected $16 million from investors, adding that it will return the excess funds.
The capital raise, announced in April, raised Unity's total risk-based capital ratio by 89 basis points, to 12.91%. Its Tier 1 leverage ratio increased by 64 basis points, to 7.85%.
"The proceeds will enable the company to fund our expansion plans, increase working capital and pursue strategic opportunities," James Hughes, Unity's president and chief executive, said in a press release.